Multi Unit Freehold Mortgages | Purchase and Remortgage Rates

Our Multi-Unit Freehold Mortgages

We lend across England and Wales
Up to 75% LTV
Mixed Repayment and Interest Only loans available
We lend up to age 85
Suitable for individual landlord(s) and Limited Company landlords
Named Best Specialist Mortgage Provider at the 2020 British Bank Awards

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Multi-Unit Freehold Mortgage FAQs

What is a Multi-Unit Freehold?

A Multi-Unit Freehold or Multi-Unit Freehold Block is a number of properties that are all on one freehold title.

This could be a block of flats or a row of terraced houses.

Each property on the title should be a self-contained unit and can be rented out to different tenants.

We would normally expect each property to have independent services such as utilities.

What Is Your Multi-Unit Mortgage Criteria?

The information is intended to give you an idea of your eligibility for our Multi-Unit Freehold mortgages. Meeting the below criteria is not a guarantee of acceptance, your application will also be subject to additional underwriting criteria, credit checks and assessment of a suitable property.

LENDING AREA	England and Wales (including Isle of Wight, excluding Channel Islands)
MAXIMUM LTV	75% LTV subject to product availability (Minimum deposit of 25% of property value required)
LOAN SIZE	Minimum loan: £40,000 Minimum property value: £150,000 Maximum loan for any single property: £1,000,000 Maximum combined loan for multiple Multi-Unit Freehold properties: £3,000,000 Please note product specific minimum and maximum loan sizes may apply
NUMBER OF PROPERTIES	We can lend on up to 3 properties To mortgage up to 20 properties, please see our portfolio loans We allow up to 4 units within the freehold
TERM	Minimum Term: 5 years Maximum Term: 40 years
APPLICANT(S)	Minimum age 21 Maximum age 85 at the end of the mortgage based on the oldest applicant Each applicant must be an existing home owner Each applicant must have at least 2 years’ experience as a landlord One applicant/director must have a minimum income of £25,000. Profits from rental are acceptable provided these are verified via 2 yrs SA302’s.
RENTAL COVERAGE	For individual landlords, we require a minimum rental coverage of 145% of the mortgage interest payment, using an interest rate of 5.5% OR the initial pay rate plus 2%, whichever is greater. For limited company landlords, we require a minimum rental coverage of 130% of the mortgage interest payment, using an interest rate of 5.5% OR the initial pay rate plus 2%, whichever is greater. We will use whichever is lower out of the actual rental income or the valuer’s rental assessment.
TENANCY GUIDELINES	Each property should be let under a single Assured Shorthold Tenancy agreement (AST) of no less than 6 and no more than 12 months, with a maximum of 4 individuals on a single tenancy agreement.

How Do I Apply For A Multi Unit Freehold Mortgage?

Step 1: Make an Enquiry

The first step to getting a Multi Unit Freehold mortgage is submitting our enquiry form.

Step 2: We’ll Call You

After submitting your enquiry, you can usually expect to hear from us within 2 working days.

During this initial phone call we will discuss your requirements and set up an appointment with one of our Mortgage Advisers. Our Mortgage Advisers are available for telephone or branch appointments, with evening and weekend appointments available.

Step 3: Your Mortgage Appointment

During your appointment, your Mortgage Adviser will provide you with information on the products available and answer your questions on a non-advised basis. If you wish to proceed, they will help you submit your application.

Start the process today by making an enquiry:

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I’m A Mortgage Broker – How Do I Submit An Application For My Client?

Please see our Intermediaries website for details of how to submit a mortgage application to us:

Broker Applications

Our Multi-Unit Freehold Mortgage Rates

2 Year Fixed Rate - Purchase and Remortgage

Initial interest rate %	Overall cost for comparison	Maximum loan to value	Product fee	Additional Features
3.59%	4.8% APRC	75%	1% of loan amount	Mixed Repayment / Interest Only Available	More details

5 Year Fixed Rate - Purchase and Remortgage

Initial interest rate %	Overall cost for comparison	Maximum loan to value	Product fee	Additional Features
3.89%	4.6% APRC	75%	1% of loan amount	Mixed Repayment / Interest Only Available	More details

All our mortgages move onto our Standard Variable Rate after the initial rate period. Our Standard Variable Rate is currently 4.74%. If our Standard Variable Rate changes, your monthly repayments could go up or down.

Loans available to persons aged 21 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.

Most Buy-to-Let Mortgages (investment type property loans) are not regulated by the Financial Conduct Authority.

IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR RENTAL PROPERTY MAY BE REPOSSESSED.

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Telephone calls may be monitored and/or recorded for security and training purposes. Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052. FCA register address www.fca.org.uk/register/. We are members of the Financial Services Compensation Scheme. We are members of the Building Societies Association and UK Finance. Details of our Customer Satisfaction and Complaints procedures are available and complaints that we cannot resolve may be referred to the Financial Ombudsman Service (http://www.financial-ombudsman.org.uk/). By accessing any part of this website, you shall be deemed to have accepted our Website Terms of Use.

Multi-Unit Freehold Mortgages

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